跳到主要內容

臺灣博碩士論文加值系統

(44.200.194.255) 您好!臺灣時間:2024/07/19 03:22
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:林香攸
研究生(外文):LIN,SHIANG-YOU
論文名稱:ESG 對企業市值的影響-以紡織業為例
論文名稱(外文):The Impact of ESG on Firm Value – Evidence from the Textile Industry
指導教授:洪育忠洪育忠引用關係
口試委員:阮金聲吳貞慧
口試日期:2024-04-30
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技碩士在職專班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2024
畢業學年度:112
語文別:中文
論文頁數:50
中文關鍵詞:ESG環境保護社會責任公司治理企業市值紡織業
外文關鍵詞:ESGEnvironmentalSocialGovernancefirm valuetextile industry
相關次數:
  • 被引用被引用:0
  • 點閱點閱:56
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
全球暖化是長久以來被關注的議題,在近年來亦成為了政治、環境和科學界的
焦點,引起了國際社會的廣泛關注,各國也紛紛針對永續經營推行政策,致力於環
境保護、社會責任與公司治理三大構面。因此企業在經營利潤最大化的目標下,也
應負起保護環境、社會的責任,減少對環境的污染與傷害,並保護員工、利害關係
人等之權益。本研究以2016年至2022年台灣上市櫃紡織業為樣本,探討ESG對企
業市值的影響。

本研究經實證發現,ESG不同面相對於企業市值有不同的影響。在環境構面
中,碳排放量與企業市值呈負相關;企業用水與企業市值呈正相關;環境類ISO
14000認證之取得與企業市值呈負相關;環境構面分數與企業市值呈正相關。而在
關。 社會責任構面中,員工流動率與企業市值為不顯著相關;社區關懷(企業捐贈情形)
與企業市值呈正相關;社會構面分數與企業市值呈正相關;高管與基層員工薪酬與
企業市值呈正相關。最後在公司治理構面,董事持股比例、人士穩定度(高階)與企
業市值呈正相關;公司治理構面分數、董事會規模與獨立董事展比則呈不顯著相
Global warming has long been a concern and has increasingly become a seriously
point in politics, the environment, and the scientific community in recent years, attracting widespread international attention. Countries have also implemented policies aimed at sustainable development, committing to three major aspects: Environmental, Social, and Governance. Therefore, while enterprises aim to maximize profits, they should also shoulder the responsibility of protecting the environment and society, reducing environmental pollution and harm, and safeguarding the rights and interests of employees and stakeholders. This study focuses on the impact of ESG (Environmental, Social, and Governance) on Firm Value of Evidence from the Textile Industry in Taiwan from year 2016 to 2022.

The findings of this study reveal that different aspects of ESG have varying effects on firm value. In the Environmental dimension, carbon emissions are negatively correlated with firm value; water usage is positively correlated with firm value; obtaining ISO 14000 environmental certification is negatively correlated with firm value; and environmental scores are positively correlated with firm value. In the Social dimension, employee turnover rate is not significantly correlated with firm value; community engagement (corporate donation activities) is positively correlated with firm value; social dimension scores are positively correlated with firm value; and executive compensation relative to grassroots employees is positively correlated with firm value. Finally, in Governance dimension, director shareholding ratio and executive stability are positively correlated with firm value; corporate governance dimension scores and board size compared to the number of independent directors are not significantly correlated.
目 錄 i
圖 目 錄 ii
表 目 錄 iii

第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究範圍與目的 3
1.3 研究流程 4
1.4 論文架構 5

第二章 文獻探討 7
2.1 ESG與公司治理3.0 7
2.2 紡織業產業特性 8
2.3 ESG對企業市值的影響 9
2.3.1 環境構面與企業市值之關聯性 9
2.3.2 社會構面與企業市值之關聯性 10
2.3.3 公司治理構面與企業市值之關聯性 10
2.3.4 ESG績效與企業市值之關聯性 11

第三章 研究方法 13
3.1 研究架構 13
3.2 研究變數之定義及假說 15
3.2.1 自變數 15
3.2.2 應變數 22
3.3 資料來源及分析 22
3.4 研究假說的發展 23
3.5 研究模型 28

第四章 實證結果與分析 29
4.1 敘述性統計 29
4.2 相關性分析 32
4.3 實證分析 36
4.4 假說結果彙整 41

第五章 結論與建議 44
5.1 研究結論 44
5.2 研究建議與限制 46
參考文獻 47


中文部分
王宣惠. (2013). 高階經理人更換與企業價值: 經理人績效之影響
池祥萱, 池祥麟, & 梁綺羚. (2016). 企業社會責任之策略性分析. 管理評論, 35(1), 21-45.
吳采倖. (2020). 企業捐贈, 企業商譽與企業經營績效之動態關聯探索-以軟體業為例.
呂翊慈. (2020). 台灣電子業之員工流動率及薪酬對企業價值之影響.
林俊傑, 劉梧柏, & 黃華瑋. (2017). 公司治理評鑑與財務績效及公司價值之關聯性探討: 以台灣上市櫃企業公司治理評鑑為例 National Cheng Kung University Executive Master of Business Administration …].
林增薇. (2023). ESG 績效對公司價值之影響-以台灣上市櫃公司為例.
金宇祥. (2017). 員工薪酬與公司的經營績效和市場績效之關聯性研究
金管會證券期貨局. (2020). 公司治理3.0-永續發展藍圖. https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884
洪如萱. (2021). ESG績效對企業價值之影響:以台灣上市電子業為例。﹝碩士論文。國立中興大學﹞. https://hdl.handle.net/11296/nag7af
紡拓會. (2023). 孟加拉紡織成衣業投資節能設備減碳. https://www.textiles.org.tw/TTF/main/content/Content.aspx?menu_id=611
紡織產業推動計畫. (2023). 紡織產業概況. https://www.tipo.org.tw/tc/about_textile_2.aspx
翁佳君. (2017). 企業社會責任 (CSR) 與企業績效關聯性之探討
張安. (2017). 員工流動對公司價值的影響─ 以台灣上市櫃公司為例
張育琳. (2019). 節能減碳, 企業綠色環境管理策略與公司績效之關連性. 中山管理評論, 27(2), 279-326.
陳旻源. (2018). 股權結構對公司績效之影響: 以 CEO 薪酬為中介變數 撰者].
陳振遠, 王健聰, & 洪世偉. (2017). 公司治理對於企業社會責任, 公司價值之影響. 中山管理評論, 25(1), 135-176.
黃振豊, 孔繁華, & 陳詩穎. (2020). 環境策略, 環境管理與企業價值-以台灣製造業為例. 當代會計, 21(1), 1-31.
黃嬿貞. (2017). 企業社會責任與企業價值之關聯性研究-以台灣上市櫃公司為例
魏鑫陽. (2023). 經長:台灣機能衣奪全球七成市占. https://money.udn.com/money/story/7307/7301749
蕭信隆.(2021). 公司治理與企業價值關聯性研究-以社會參與為調節效果
游琇螢.(2019).ESG分數對公司績效表現與風險的影響 —以台灣市場為例。

英文部分
Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403-1432.
Baratta, A., Cimino, A., Longo, F., Solina, V., & Verteramo, S. (2023). The impact of ESG practices in industry with a focus on carbon emissions: Insights and future perspectives. Sustainability, 15(8), 6685.
Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, 58, 142-168.
Bichueti, R. S., Gomes, C. M., Kruglianskas, I., Kneipp, J. M., Rosa, L. A. B. d., & Frizzo, K. (2021). Does sustainable water management affect business performance in the Brazilian mining industry? Environmental Quality Management, 31(2), 29-41.
Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716.
Buallay, A. (2019). Between cost and value: Investigating the effects of sustainability reporting on a firm’s performance. Journal of Applied Accounting Research, 20(4), 481-496.
Clément, A., Robinot, É., & Trespeuch, L. (2023). The use of ESG scores in academic literature: A systematic literature review. Journal of Enterprising Communities: People and Places in the Global Economy.
De Jong, P., Paulraj, A., & Blome, C. (2014). The financial impact of ISO 14001 certification: top-line, bottom-line, or both? Journal of Business Ethics, 119, 131-149.
Delmas, M. A., Etzion, D., & Nairn-Birch, N. (2013). Triangulating environmental performance: What do corporate social responsibility ratings really capture? Academy of Management Perspectives, 27(3), 255-267.
Denis, D. J., & Denis, D. K. (1995). Performance changes following top management dismissals. The Journal of Finance, 50(4), 1029-1057.
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.
Gallego-Álvarez, I., Segura, L., & Martínez-Ferrero, J. (2015). Carbon emission reduction: The impact on the financial and operational performance of international companies. Journal of Cleaner Production, 103, 149-159.
Ganda, F., & Milondzo, K. S. (2018). The impact of carbon emissions on corporate financial performance: Evidence from the South African firms. Sustainability, 10(7), 2398.
Gerretsen, I. (2021). Five takeaways from the IPCC’s 2021 climate science report. https://www.climatechangenews.com/2021/08/09/five-takeaways-ipccs-2021-climate-science-report/
Hassel, L., Nilsson, H., & Nyquist, S. (2005). The value relevance of environmental performance. European Accounting Review, 14(1), 41-61.
Hidayat, A. A., & Utama, S. (2017). Board characteristics and firm performance: Evidence from Indonesia. International Research Journal of Business Studies, 8(3).
Ioannou, I., & Serafeim, G. (2017). The consequences of mandatory corporate sustainability reporting. Harvard Business School Research Working Paper(11-100).
Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D. (2019). The impact of ESG factors on market value of companies from travel and tourism industry. Technological and Economic Development of Economy, 25(5), 820-849.
Islam, Z. M., Ahmed, S. U., & Hasan, I. (2012). Corporate social responsibility and financial performance linkage: Evidence from the banking sector of Bangladesh. Journal of Organizational Management, 1(1), 14-21.
Jang, G.-Y., Kang, H.-G., Lee, J.-Y., & Bae, K. (2020). ESG scores and the credit market. Sustainability, 12(8), 3456.
Jorfi, S., Barzegar, G., Ahmadi, M., Soltani, R. D. C., Takdastan, A., Saeedi, R., & Abtahi, M. (2016). Enhanced coagulation-photocatalytic treatment of Acid red 73 dye and real textile wastewater using UVA/synthesized MgO nanoparticles. Journal of Environmental Management, 177, 111-118.
Junius, D., Adisurjo, A., Rijanto, Y. A., & Adelina, Y. E. (2020). The impact of ESG performance to firm performance and market value. Jurnal Aplikasi Akuntansi, 5(1), 21-41.
Khanifah, K. (2020). Environmental performance and firm value: Testing the role of firm reputation in emerging countries. International Journal of Energy Economics and Policy , 10(1), 96-103.
Kurnia, P., Darlis, E., & PUTR, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. The Journal of Asian Finance, Economics and Business, 7(12), 223-231.
López Sarabia, P., Rojas Padilla, S., & González Díaz, R. (2021). How Covid-19 Has Accelerated the Garment and Financial Investment Industries’ Adoption of Environmental, Social and Corporate Governance (ESG) Standards. The Future of Companies in the Face of a New Reality: Impact and Development in Latin America, 37-62.
Li, Q., Lourie, B., Nekrasov, A., & Shevlin, T. (2022). Employee turnover and firm performance: Large-sample archival evidence. Management Science, 68(8), 5667-5683.
Lin, Y., Lu, Z., Fan, D., & Zheng, Z. (2023). The bright and dark sides of ESG during the COVID-19 pandemic: evidence from China hospitality industry. International Journal of Contemporary Hospitality Management , 36(4), 1393-1417.
Nyirenda, G., Ngwakwe, C. C., & Ambe, C. M. (2013). Environmental management practices and firm performance in a South African mining firm. Managing Global Transitions, 11(3), 243.
O’connell, V., & Cramer, N. (2010). The relationship between firm performance and board characteristics in Ireland. European Management Journal, 28(5), 387-399.
Okafor, A., Adeleye, B. N., & Adusei, M. (2021). Corporate social responsibility and financial performance: Evidence from US tech firms. Journal of Cleaner Production, 292, 126078.
Porter, M. E., & Kramer, M. R. (2011). Creating shared value: Redefining capitalism and the role of the corporation in society. Harvard Business Review, 89(1/2), 62-77.
Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 14(6), 1251-1297.
Reguera-Alvarado, N., & Bravo, F. (2017). The effect of independent directors’ characteristics on firm performance: Tenure and multiple directorships. Research in International Business and Finance, 41, 590-599.
Riaz, H., Saeed, A., Baloch, M. S., Nasrullah, & Khan, Z. A. (2019). Valuation of environmental management standard ISO 14001: Evidence from an emerging market. Journal of Risk and Financial Management, 12(1), 21.
Salim, H. K., Padfield, R., Hansen, S. B., Mohamad, S. E., Yuzir, A., Syayuti, K., Tham, M. H., & Papargyropoulou, E. (2018). Global trends in environmental management system and ISO14001 research. Journal of Cleaner Production, 170, 645-653.
Samanta, A. K., & Konar, A. (2011). Dyeing of textiles with natural dyes. Natural dyes, 3(30-56).
Secinaro, S., Brescia, V., Calandra, D., & Saiti, B. (2020). Impact of climate change mitigation policies on corporate financial performance: Evidence‐based on European publicly listed firms. Corporate Social Responsibility and Environmental Management, 27(6), 2491-2501.
Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 27, 39946-39957.
Singhania, M., & Saini, N. (2022). Systems approach to environment, social and governance (ESG): Case of Reliance industries. Sustainable Operations and Computers, 3, 103-117.
Wang, Y., Lu, T., & Qiao, Y. (2021). The effect of air pollution on corporate social responsibility performance in high energy-consumption industry: Evidence from Chinese listed companies. Journal of Cleaner Production, 280, 124345.
Weir, C., & Laing, D. (2001). Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2), 86-95.
Wu, T.-C., & Huang, M.-h. (2018). The Effect of Director's Individual and Family Shareholdings on Firm Performance. International Journal of Financial Research, 9(4), 51-62.
Yadav, P. L., Han, S. H., & Rho, J. J. (2016). Impact of environmental performance on firm value for sustainable investment: Evidence from large US firms. Business Strategy and the Environment, 25(6), 402-420.
Yousaf, A. M., & Aqsa, R. (2023). Integrating Circular Economy, SBTI, Digital LCA, and ESG Benchmarks for Sustainable Textile Dyeing: A Critical Review of Industrial Textile Practices. Glob. NEST J, 25, 39-51.
Zhenwang, L., ZhenLu, C., & Jianyan, L. (2000). The PT dye molecular structure and its chromophoric luminescences mechanism. 15th World Conference on Non-Destructive Testing,
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371-3387.


電子全文 電子全文(網際網路公開日期:20290423)
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊